XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.21.2

Derivative Instruments | 6 Months Ended
--- | ---
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative InstrumentsChanges in interest rates expose us to risks. To help us manage these risks, in January 2020 we entered into two interest rate swaps to hedge a total of $400.0 million of our variable interest debt. One swap settled on January 31, 2021 and, as of September 30, 2021, one interest rate swap to hedge $200.0 million remained outstanding. The fair value of this interest rate swap is reflected in our Consolidated Balance Sheets in other accrued liabilities. We do not use derivatives for trading purposes. The following tables summarize the fair values of our derivative instrument as of the end of the periods shown:
|  | September 30, 2021
(In thousands) |  | Hedge Type |  | Final Settlement Date |  | Notional Amount |  | Other Accrued Liabilities |  | Other Long-Term Liabilities
Interest rate swap |  | Cash flow |  | 1/31/2022 |  | $ | 200,000 |  |  | $ | (973) |  |  | $ | — |
Total fair value |  |  |  |  |  |  |  | $ | (973) |  |  | $ | — |
|  | March 31, 2021
(In thousands) |  | Hedge Type |  | Final Settlement Date |  | Notional Amount |  | Other Accrued Liabilities |  | Other Long-Term Liabilities
Interest rate swap |  | Cash flow |  | 1/31/2022 |  | $ | 200,000 |  |  | $ | (2,363) |  |  | $ | — |
Total fair value |  |  |  |  |  |  |  | $ | (2,363) |  |  | $ | — |
The following table summarizes our interest rate swaps, net of tax, for the periods shown:
|  |  |  | Three Months Ended September 30, |  | Six Months Ended September 30,
(In thousands) |  | Location |  | 2021 |  | 2020 |  | 2021 |  | 2020
Gain Recognized in Other Comprehensive Loss (effective portion) |  | Other comprehensive income (loss) |  | $ | 550 |  |  | $ | 985 |  |  | $ | 1,070 |  |  | $ | 1,294 |
Loss Reclassified from Accumulated Other Comprehensive Loss into Income |  | Interest expense |  | $ | (732) |  |  | $ | (1,396) |  |  | $ | (1,450) |  |  | $ | (2,422) |
We expect pre-tax losses of $1.0 million associated with interest rate swaps, currently reported in accumulated other comprehensive loss, to be reclassified into expense over the next twelve months. The amount ultimately realized, however, will differ as interest rates change and the underlying contracts settle. Counterparty Credit Risk: Interest rate swaps expose us to counterparty credit risk for non-performance. We manage our exposure to counterparty credit risk by only dealing with counterparties who are substantial international financial institutions with significant experience using such derivative instruments.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration